Elastic Beats Q1 Estimates, Multiple Investment Banks Raise Price Targets

Elastic NV reported better-than-expected first-quarter financial results on Thursday and raised its fiscal 2027 guidance.

Elastic reported quarterly adjusted earnings per share of 70 cents, beating the market expectation of 58 cents. The company's revenue came in at $478.113 million, versus the expected $469.745 million.

Elastic raised its fiscal 2027 adjusted EPS guidance from $3.21-$3.29 to $3.29-$3.37, and lifted its revenue guidance from $1.985-$2.000 billion to $1.998-$2.010 billion.

"Elastic is off to a strong start to fiscal 2027, with all key metrics exceeding our guidance," said Ash Kulkarni, CEO of Elastic. "AI is reshaping the enterprise technology stack, and organizations are making deliberate choices about where to build and how to observe and protect their applications and data. We set a record for net new customers in our over $100K ACV cohort, and cRPO and RPO growth remained strong, reflecting the durability of this demand. As we enter the new year, our momentum across Search & AI, Security, and Observability continues to build, and we are confident in the trajectory of our business."

Elastic shares surged 21.8% to $101.95 in pre-market trading.

Following the earnings release, the following analysts adjusted their price targets for Elastic.

Baird analyst Shrenik Kothari maintained an "Outperform" rating on the stock and raised the price target from $95 to $120.

BofA Securities analyst Koji Ikeda maintained a "Neutral" rating and raised the price target from $90 to $108.

Cantor Fitzgerald analyst Thomas Blakey maintained a "Neutral" rating and raised the price target from $91 to $100.

Guggenheim analyst Howard Ma maintained a "Buy" rating and raised the price target from $106 to $120.

Rosenblatt analyst Blair Abernethy maintained a "Buy" rating and raised the price target from $83 to $115.

Considering buying ESTC stock? Here's what analysts think.